SHANGHAI, Dec 14 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The greenback bounced on Friday as concerns over delayed U.S. fiscal stimulus amid a surge in COVID-19 cases and the increasing likelihood that Britain will exit the European Union without a deal dented risk appetite.

“This has been a disappointing week on many fronts,” said Edward Moya, senior market analyst at OANDA in New York.

“There’s been no progress on COVID aid relief talks in DC, we have Brexit, which is once again going to go down to the wire, and coronavirus deaths and hospitalizations are still at a staggering pace in the U.S. and it’s likely to lead to more restrictive measures and lockdowns,” Moya said.

Data on last Friday showed that U.S. producer prices barely rose in November, supporting views that inflation would remain benign in the near term as the pandemic restrains the labor market and demand for services.

On Wall Street last week, stocks experienced their first down week in several as legislators continued a standoff surrounding a Covid-19 aid package.

The S&P 500 fell nearly 1%, for its first negative week in three. The Dow Jones Industrial Average shed 0.57% for its first negative week in three and the Nasdaq Composite lost nearly 0.7% for its first negative week in four.

This week is expected to be market moving with Pfizer’s vaccine rollout and a Federal Reserve policy meeting. Tesla also joins the S&P 500 on Friday.

Following the FDA emergency authorization of Pfizer’s vaccine, CDC Director Robert Redfield signed off on the drug, allowing inoculations to officially move forward for people ages 16 or older.

The U.S. has begun to ship the doses from a Pfizer facility in Michigan to hundreds of distribution centers across the country. The FDA is also slated to publish their assessment on Moderna’s vaccine this week.

The Covid-19 vaccine is being rolled out amid some of the darkest days of the pandemic in the U.S. More than 2,300 coronavirus related deaths were recorded Saturday, following over 3,300 deaths Friday. New infections continue to explode, with more than 219,000 cases reported on Saturday.

The surge in cases coincides with months of debate in Washington over another round of Covid relief. A bipartisan group has proposed a $908 billion framework; however, Sen. Majority Leader Mitch McConnell opposes the proposal and has called instead for an agreement that excludes provisions on liability protections for businesses and funding for state and local governments. Those two issues are major sources of disagreement between Republicans and Democrats.

Oil prices turned lower on Friday, as demand worries due to new coronavirus-related restrictions on business in New York overshadowed progress toward vaccination programs.

Gold rose on Friday en route to a second straight weekly gain as investors bet on an imminent U.S. COVID-19 relief package.

Spot gold advanced 0.3% to $1,839.90 per ounce, having earlier dipped as much as 0.6%. U.S. gold futures settled up 0.3% to $1,843.60.

“We still believe the stimulus package will get put forth and that will continue to be the underlying support behind gold and silver moving forward,” said David Meger, director of metals trading at High Ridge Futures.

Iron ore futures on China’s Dalian Commodity Exchange surged by almost 10% on Friday to an all-time high, crossing the 1,000 yuan ($152.95) per ton mark for the first time in history on the back of a slew of supply concerns.

Eurozone industrial output for October will be released today.